Commencement of the decision to link the value of the insurance policy to the accident records… and to give companies a grace period until the beginning of February
Commencement of the decision to link the value of the insurance policy to the accident records… and to give companies a grace period until the beginning of February
Commencement of the decision to link the value of the insurance policy to the accident records… and to give companies a grace period until the beginning of February
The official spokesman for insurance companies, Adel Al-Essa, confirmed that the decision to link the value of the vehicle insurance policy to the accident records of the beneficiaries entered into force, with the aim of limiting the random increase in insurance prices, and reducing the price for the beneficiaries with the lowest accident records.
Al-Essa explained that the Saudi Arabian Monetary Agency (SAMA) set the beginning of next February as a deadline for insurance companies to implement the decision, indicating that the decision enjoys the support of both companies and beneficiaries.
He added, according to Al-Madina, that the Monetary Agency is gradually moving towards approving the transfer of amounts due to beneficiaries (those affected by accidents) through their bank accounts, instead of the check-writing system currently in force.
The Monetary Agency obligated insurance companies to provide discounts on vehicle insurance for owners of a record free of claims, so that the discount is according to the number of years of the insured’s record without any claims, as it reaches 15% for those who have a record of one year without claims, and the percentage increases with the increase in the number of years of the record without any claims. Claims, up to 30% for three years without claims.
